‘What is Gazanging?’ was the question on every home buyer and seller’s lips last month – but it has quickly become a (feared) household phrase among Conveyancing Solicitors and smarter home movers.
Whether or not Gazanging really exists, one thing is certain, the property market is rife with uncertainty. Some purchasers are finding it difficult to get a mortgage; others are reluctant to make an offer hoping that prices will fall further. Gazanging is the term used to describe the similar behaviour of sellers, who pull out of a transaction long after they have accepted an offer, expecting the value of their property to rise.
So how does a buyer who just wants to move house break this cycle?
Housing developers Taylor Wimpey have the answer, in the shape of New Build properties. The firm are encouraging buyers to avoid the issue of Gazanging entirely, by purchasing a residence located on one of their numerous recent developments.
Karen Armstrong, sales and marketing director at Taylor Wimpey has said:
“[Gazanging] is becoming increasingly common and could be down to a seller not finding a suitable property to move to, nervousness in the current climate, or the fact that they simply change their minds and choose to sit tight. ”
Armstrong added that, as the party selling the home, Taylor Wimpey would not get cold feet or pull out once an offer had been accepted.
Newly constructed houses have a number of additional advantages above that of sidestepping the Gazanging issue. The National House-Building Council (NHBC) offers a 10 year warranty on new homes, in addition to the builder’s own two year guarantee.
Furthermore, energy efficiency is much less of an issue compared to older properties, as these homes will have been built according to the very latest building regulations, and are both more environmentally sound, but will also benefit from lower utility bills.
As with other property companies, Taylor Wimpey offer part exchange programmes, making it even easier to proceed with a purchase. For buyers who have come to dread the prospect of being ‘Gazanged’ or worse, have already suffered Gazanging, this may be the best solution.
Fast Conveyancing Beats Gazanging
If you are determined to purchase an older property, Fast Conveyancing is essential.
Fridaysmove offer Fast Conveyancing for both new build and older properties, and are proud to offer the Cheapest Conveyancing Quotes on the market.